Former advisor to the Department of Government Efficiency (DOGE), James Fishback—now leading investment firm Azoria Partners—has voiced sharp criticism of Elon Musk’s latest political move. On July 6, 2025, Fishback sent an open letter to Tesla’s board, branding Musk’s formation of the “America Party” as overreaching and potentially detrimental to Tesla’s corporate focus.
Fishback announced that Azoria Partners would delay the launch of its Tesla-focused ETF—the Azoria Texla Convexity fund—citing Musk’s political activity as a core reason. He urged the board to immediately request clarification from Musk on how his political involvement aligns with his responsibilities to lead Tesla.
In his letter to Tesla’s chair, Robyn Denholm, Fishback warned that Musk’s intentions may “divert energy and attention away from Tesla’s mission.” He emphasized that unlike Musk’s other ventures—such as SpaceX or xAI—a political party “does not complement Tesla’s mission” and could undermine shareholder confidence. Adding weight to the criticism, U.S. Treasury Secretary Scott Bessent publicly advised Musk to remain focused on running his companies, rather than engaging in political pursuits.
Fishback concluded his appeal with a clear message: if Musk cannot demonstrate how his political aspirations are consistent with his role at Tesla, the board must “take appropriate action”.
